Professor Joseph Grundfest is quoted in a piece discussing electronic communication subpoenas.

The new kid on the block is making chat room inroads against stalwart Bloomberg by playing to banks’ desire for sole control of their communications.

Symphony, the buzzed-about system, promises to orchestrate a rival network while allowing firms to house their own chat and email records. The Bloomberg terminal’s instant-messaging system connects the world’s trading desks and ranks among its most popular features.

Bloomberg’s internal network also has been a convenient chat room clearinghouse for the government.
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“It’s rather remarkable what people will write on email and in chats, not realizing that their communications are being preserved for posterity and prosecutors, and not necessarily in that order,” said Joseph Grundfest, a professor at Stanford Law School and a KKR director.